JLL Capital Markets on Thursday said it secured $152 million in construction financing for the Namdar Group‘s development of 35 Cottage St., a 588-unit luxury apartment building to be built in Jersey City. It will include a Chabad synagogue, preschool and the first dedicated party hall in Journal Square.
The JLL Capital Markets Debt Advisory team, led by Managing Director Thomas E. Didio Jr. and Senior Analyst Michael Mataras, represented the borrower, Namdar Group, to secure senior financing through Centennial Bank and mezzanine financing through a private lender.
“Namdar was an early mover in the JSQ marketplace and has built an institutional-quality portfolio of highly efficient multihousing units to meet the continued market demand. JLL is excited to partner the CCFG and Namdar teams to bring to life the next building in their portfolio,” Didio Jr., said.
“We are excited to have the opportunity to work again with the Centennial team on the development front in Jersey City,” Andrew Namdar of Namdar Group said.
With the future location of 35 Cottage St., the community will be less than a five-minute walk from the Journal Square PATH Station. 35 Cottage is within 30 minutes of New York City’s Penn Station, the World Trade Center and Newark’s Penn Station. The complex will be conveniently situated in Journal Square in the heart of Jersey City, which has a low vacancy rate of 2.3% despite rising rents and an increase in supply.
